American Healthcare REIT Inc

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 28, 2025

AHR$59.39+0.7%Stored close · as of Nov 10, 2026

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Contents

Real Estate and Accumulated Depreciation (Schedule III)

ACCUMULATED DEPRECIATION

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Integrated Senior Health Campuses (ISHC)
Homewood Health Campus	Lebanon, IN	$8,125	$973	$9,702	$3,055	$1,161	$12,569	$13,730	$(2,747)	2000	12/01/15
Ashford Place Health Campus	Shelbyville, IN	5,487	664	12,662	1,468	869	13,925	14,794	(3,551)	2004	12/01/15
Mill Pond Health Campus	Greencastle, IN	6,492	1,576	8,124	754	1,629	8,825	10,454	(2,174)	2005	12/01/15
St. Andrews Health Campus	Batesville, IN	4,096	552	8,213	877	772	8,870	9,642	(2,261)	2005	12/01/15
Hampton Oaks Health Campus	Scottsburg, IN	5,767	720	8,145	853	852	8,866	9,718	(2,301)	2006	12/01/15
Forest Park Health Campus	Richmond, IN	6,297	535	9,399	1,136	652	10,418	11,070	(2,634)	2007	12/01/15
The Maples at Waterford Crossing	Goshen, IN	5,381	344	8,027	2,342	516	10,197	10,713	(2,051)	2006	12/01/15
Morrison Woods Health Campus	Muncie, IN	26,675	1,903	21,806	1,461	1,922	23,248	25,170	(4,771)	2008/2022	12/01/15, 09/14/16 and 03/03/21
Woodbridge Health Campus	Logansport, IN	7,692	228	11,812	883	545	12,378	12,923	(3,058)	2003	12/01/15
Bridgepointe Health Campus	Vincennes, IN	6,590	747	7,469	2,047	917	9,346	10,263	(2,190)	2002/2022	12/01/15
Greenleaf Living Center	Elkhart, IN	10,559	492	12,157	1,294	521	13,422	13,943	(3,284)	2000	12/01/15
Forest Glen Health Campus	Springfield, OH	8,753	846	12,754	(3,067)	1,055	9,478	10,533	(3,553)	2007	12/01/15
The Meadows of Kalida Health Campus	Kalida, OH	7,287	298	7,628	642	394	8,174	8,568	(1,990)	2007	12/01/15
The Heritage	Findlay, OH	11,909	1,312	13,475	2,122	1,494	15,415	16,909	(3,543)	1975	12/01/15
Genoa Retirement Village	Genoa, OH	7,721	881	8,113	1,779	1,054	9,719	10,773	(2,410)	1985	12/01/15
Waterford Crossing	Goshen, IN	7,303	344	4,381	1,197	349	5,573	5,922	(1,361)	2004	12/01/15
St. Elizabeth Healthcare	Delphi, IN	8,050	522	5,463	5,818	665	11,138	11,803	(2,625)	1986	12/01/15

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Cumberland Pointe	West Lafayette, IN	$8,522	$1,645	$13,696	$925	$1,905	$14,361	$16,266	$(3,951)	1980	12/01/15
Franciscan Healthcare Center	Louisville, KY	9,560	808	8,439	4,259	1,019	12,487	13,506	(3,059)	1975	12/01/15
Blair Ridge Health Campus	Peru, IN	7,112	734	11,648	1,459	802	13,039	13,841	(3,563)	2001	12/01/15
Glen Oaks Health Campus	New Castle, IN	4,703	384	8,189	583	419	8,737	9,156	(2,028)	2011	12/01/15
Covered Bridge Health Campus	Seymour, IN	—	386	9,699	1,228	80	11,233	11,313	(2,788)	2002	12/01/15
Stonebridge Health Campus	Bedford, IN	9,197	1,087	7,965	2,610	1,178	10,484	11,662	(2,261)	2004	12/01/15
RiverOaks Health Campus	Princeton, IN	13,698	440	8,953	2,887	771	11,509	12,280	(2,589)	2004	12/01/15
Park Terrace Health Campus	Louisville, KY	—	2,177	7,626	2,984	2,177	10,610	12,787	(2,537)	1977	12/01/15
Cobblestone Crossing	Terre Haute, IN	—	1,462	13,860	6,071	1,644	19,749	21,393	(4,722)	2008	12/01/15
Creasy Springs Health Campus	Lafayette, IN	15,181	2,111	14,337	6,426	2,512	20,362	22,874	(4,866)	2010	12/01/15
Avalon Springs Health Campus	Valparaiso, IN	16,513	1,542	14,107	1,082	1,607	15,124	16,731	(3,527)	2012	12/01/15
Prairie Lakes Health Campus	Noblesville, IN	8,329	2,204	13,227	1,105	2,360	14,176	16,536	(3,378)	2010	12/01/15
RidgeWood Health Campus	Lawrenceburg, IN	13,000	1,240	16,118	579	1,275	16,662	17,937	(3,946)	2009	12/01/15
Westport Place Health Campus	Louisville, KY	15,280	1,245	9,946	1,393	1,262	11,322	12,584	(2,621)	2011	12/01/15
Amber Manor Care Center	Petersburg, IN	5,269	446	6,063	623	515	6,617	7,132	(1,716)	1990	12/01/15
The Meadows of Leipsic Health Campus	Leipsic, OH	—	1,242	6,988	1,113	1,483	7,860	9,343	(2,078)	1986	12/01/15
Springview Manor	Lima, OH	—	260	3,968	663	408	4,483	4,891	(1,149)	1978	12/01/15
Willows at Bellevue	Bellevue, OH	15,463	587	15,575	1,597	790	16,969	17,759	(4,281)	2008	12/01/15
Briar Hill Health Campus	North Baltimore, OH	—	673	2,688	604	756	3,209	3,965	(907)	1977	12/01/15
Cypress Pointe Health Campus	Englewood, OH	—	921	10,291	11,960	1,855	21,317	23,172	(4,010)	2010	12/01/15

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
The Oaks at NorthPointe Woods	Battle Creek, MI	$—	$567	$12,716	$1,378	$668	$13,993	$14,661	$(3,138)	2008	12/01/15
Westlake Health Campus	Commerce, MI	13,495	815	13,502	290	601	14,006	14,607	(3,370)	2011	12/01/15
Springhurst Health Campus	Greenfield, IN	18,774	931	14,114	4,434	2,330	17,149	19,479	(5,013)	2007	12/01/15 and 05/16/17
Glen Ridge Health Campus	Louisville, KY	—	1,208	9,771	2,627	1,442	12,164	13,606	(3,213)	2006	12/01/15
St. Mary Healthcare	Lafayette, IN	4,941	348	2,710	472	393	3,137	3,530	(810)	1969	12/01/15
The Oaks at Woodfield	Grand Blanc, MI	14,762	897	12,270	717	1,138	12,746	13,884	(3,185)	2012	12/01/15
Stonegate Health Campus	Lapeer, MI	10,889	538	13,159	520	809	13,408	14,217	(3,326)	2012	12/01/15
Senior Living at Forest Ridge	New Castle, IN	—	204	5,470	563	325	5,912	6,237	(1,438)	2005	12/01/15
River Terrace Health Campus	Madison, IN	—	—	13,378	4,718	76	18,020	18,096	(4,558)	2016	03/28/16
St. Charles Health Campus	Jasper, IN	10,803	467	14,532	2,480	595	16,884	17,479	(4,276)	2000	06/24/16 and 06/30/16
Bethany Pointe Health Campus	Anderson, IN	18,520	2,337	26,524	3,008	2,550	29,319	31,869	(7,455)	1999	06/30/16
River Pointe Health Campus	Evansville, IN	13,298	1,118	14,736	2,156	1,358	16,652	18,010	(4,363)	1999	06/30/16
Waterford Place Health Campus	Kokomo, IN	14,078	1,219	18,557	10,429	1,943	28,262	30,205	(5,502)	2000/2022	06/30/16
Autumn Woods Health Campus	New Albany, IN	18,515	1,016	13,414	2,009	1,177	15,262	16,439	(4,209)	2000	06/30/16
Oakwood Health Campus	Tell City, IN	8,642	783	11,880	1,916	881	13,698	14,579	(3,657)	2000	06/30/16
Cedar Ridge Health Campus	Cynthiana, KY	—	102	8,435	3,791	205	12,123	12,328	(3,753)	2005	06/30/16
Aspen Place Health Campus	Greensburg, IN	9,004	980	10,970	975	1,212	11,713	12,925	(3,061)	2012	08/16/16
The Willows at East Lansing	East Lansing, MI	15,559	1,449	15,161	1,816	1,524	16,902	18,426	(4,505)	2014	08/16/16
The Willows at Howell	Howell, MI	—	1,051	12,099	6,794	1,168	18,776	19,944	(3,981)	2015	08/16/16
The Willows at Okemos	Okemos, MI	7,131	1,171	12,326	1,049	1,229	13,317	14,546	(3,572)	2014	08/16/16

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Shelby Crossing Health Campus	Macomb, MI	$16,351	$2,533	$18,440	$2,420	$2,622	$20,771	$23,393	$(5,892)	2013	08/16/16
Village Green Healthcare Center	Greenville, OH	6,627	355	9,696	(1,264)	448	8,339	8,787	(2,694)	2014	08/16/16
The Oaks at Bethesda	Zanesville, OH	4,329	714	10,791	980	812	11,673	12,485	(3,029)	2013	08/16/16
White Oak Health Campus	Monticello, IN	19,929	1,005	13,207	444	1,006	13,650	14,656	(2,651)	2010	09/23/16 and 07/30/20
Woodmont Health Campus	Boonville, IN	7,433	790	9,633	1,322	1,010	10,735	11,745	(2,906)	2000	02/01/17
Silver Oaks Health Campus	Columbus, IN	—	1,776	21,420	1,586	8	24,774	24,782	(6,253)	2001	02/01/17
Thornton Terrace Health Campus	Hanover, IN	5,268	764	9,209	2,146	873	11,246	12,119	(2,763)	2003	02/01/17
The Willows at Hamburg	Lexington, KY	10,968	1,740	13,422	1,898	1,810	15,250	17,060	(3,457)	2012	02/01/17
The Willows at Willard	Willard, OH	—	610	12,256	10,019	223	22,662	22,885	(5,019)	2012	02/01/17
Westlake Health Campus — Commerce Villa	Commerce, MI	—	261	6,610	1,270	553	7,588	8,141	(1,708)	2017	11/17/17
Orchard Grove Health Campus	Romeo, MI	14,815	2,065	11,510	18,261	3,568	28,268	31,836	(4,783)	2016	07/20/18 and 11/30/17
The Lakes at Monclova	Monclova, OH	18,651	2,869	12,855	10,409	3,186	22,947	26,133	(4,611)	2013	12/01/17
The Meadows of Ottawa	Ottawa, OH	—	695	7,752	1,353	728	9,072	9,800	(2,045)	2014	12/15/17
Valley View Healthcare Center	Fremont, OH	10,015	930	7,635	1,764	1,107	9,222	10,329	(1,612)	2017	07/20/18
Novi Lakes Health Campus	Novi, MI	11,908	1,654	7,494	2,832	1,702	10,278	11,980	(2,820)	2016	07/20/18
The Willows at Fritz Farm	Lexington, KY	8,730	1,538	8,637	471	1,563	9,083	10,646	(1,565)	2017	07/20/18
Paddock Springs	Warsaw, IN	—	488	—	10,709	671	10,526	11,197	(1,738)	2019	02/14/19
Harrison Springs Health Campus	Corydon, IN	—	2,017	11,487	5,941	2,305	17,140	19,445	(2,315)	2016/2022	09/05/19

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
The Cloister at Silvercrest	New Albany, IN	$—	$139	$634	$6	$139	$640	$779	$(86)	1940	10/01/19
Trilogy Healthcare of Ferdinand II, LLC	Ferdinand, IN	—	—	—	14,677	—	14,677	14,677	(1,925)	2019	11/19/19
Oaks at Byron Center	Byron Center, MI	—	2,000	—	15,948	2,193	15,755	17,948	(1,958)	2020	07/08/20
Forest Springs Health Campus	Louisville, KY	—	964	16,691	446	1,022	17,079	18,101	(2,160)	2015	07/30/20
Trilogy Real Estate Gahanna, LLC	Gahanna, OH	—	1,146	—	16,753	1,218	16,681	17,899	(1,793)	2020	11/13/20
Gateway Springs Health Campus	Hamilton, OH	—	1,277	10,923	1,769	1,453	12,516	13,969	(1,364)	2020	12/28/20
Orchard Pointe Health Campus	Kendallville, IN	10,079	1,806	9,243	61	1,808	9,302	11,110	(1,354)	2016	01/19/21
The Meadows of Delphos	Delphos, OH	—	2,345	8,150	110	2,382	8,223	10,605	(1,543)	2018	01/19/21
The Springs of Lima	Lima, OH	—	2,397	9,638	53	2,403	9,685	12,088	(1,637)	2018	01/19/21
Wooded Glen	Springfield, OH	—	2,803	11,928	70	2,827	11,974	14,801	(1,933)	2018	01/19/21
The Lakes of Sylvania	Sylvania, OH	—	3,208	15,059	1,563	3,265	16,565	19,830	(2,520)	2017	01/19/21
The Glen	Union Township, OH	—	2,789	12,343	61	2,789	12,404	15,193	(1,924)	2018	01/19/21
The Oaks of Belmont	Grand Rapids, MI	—	767	17,043	239	1,101	16,948	18,049	(1,839)	2021	03/13/21
Harrison Trial Health Campus	Harrison, OH	—	1,750	17,114	125	2,048	16,941	18,989	(1,747)	2021	04/28/21
Cedar Creek Health Campus	Lowell, IN	—	2,326	12,650	841	2,864	12,953	15,817	(1,198)	2014	07/07/21
The Willows at Springhurst	Louisville, KY	20,799	1,876	12,595	147	1,952	12,666	14,618	(1,122)	1979	01/01/22
	Louisville, KY	—	1,184	6,483	225	1,184	6,708	7,892	(599)	1979	01/01/22
The Willows at Harrodsburg	Harrodsburg, KY	—	918	10,181	2,873	1,594	12,378	13,972	(930)	2018	05/20/22
North River Health Campus	Evansville, IN	—	2,614	15,031	164	2,644	15,165	17,809	(1,431)	2017	05/20/22
The Springs at Stony Brook	Louisville, KY	—	2,265	14,077	347	2,265	14,424	16,689	(1,195)	2018	05/20/22

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Pickerington Health Campus	Pickerington, OH	$—		$860		$15,575		$30		$880		$15,585		$16,465		$(2,129)	2019	05/20/22
Mt. Washington Development Project	Mt. Washington, KY	—		2,054		10,225		52		2,062		10,269		12,331		(946)	2020	05/20/22
Silvercrest Health Center	New Albany, IN	20,056		1,920		24,965		615		1,938		25,562		27,500		(1,758)	2013	08/01/22
The Springs of Mooresville	Mooresville, IN	13,715		1,460		12,617		299		1,476		12,900		14,376		(878)	2016	08/01/22
Hearthstone Health Campus	Bloomington, IN	18,817		2,140		16,928		782		2,192		17,658		19,850		(1,293)	2014	08/01/22
The Legacy at English Station	Louisville, KY	—		912		10,139		67		914		10,204		11,118		(536)	2016	02/15/23
The Villages at Oak Ridge	Washington, IN	—		1,483		11,551		3,380		1,558		14,856		16,414		(579)	2015	07/13/23
Smith's Mill Health Campus	New Albany, OH	—		1,323		15,271		73		1,323		15,344		16,667		(768)	2019	07/13/23
Oakwood Health Center Villas	Tell City, IN	—		535		1,555		261		541		1,810		2,351		(120)	2013	07/13/23
The Willows at Tiffin	Tiffin, OH	—		318		12,848		22		318		12,870		13,188		(255)	2019	04/17/24
The Springs at Oldham Reserve	La Grange, KY	—		987		17,817		36		987		17,853		18,840		(332)	2023	04/22/24
Vienna Springs Health Campus	Miami Township, OH	—		1,016		16,934		17		1,016		16,951		17,967		(326)	2021	04/17/24
Trilogy Real Estate Bowling Green	Bowling Green, OH	18,885		925		15,870		2,464		925		18,334		19,259		(405)	2024	02/01/24
Leased properties(c)			1,130		84,944		167,256		2,043		251,287		253,330		(140,455)
ISHC Total		$701,797		$126,173		$1,287,513		$431,347		$141,328		$1,703,705		$1,845,033		$(421,765)
Senior Housing Operation Properties (SHOP)
Delta Valley ALF Portfolio	Springdale, AR	$—		$891		$6,538		$(516)		$891		$6,022		$6,913		$(1,680)	1998/2005	01/08/15
	Batesville, MS	—		331		5,103		(267)		331		4,836		5,167		(1,423)	1999/2005	09/11/14
	Cleveland, MS	—		348		6,369		(903)		348		5,466		5,814		(1,607)	2004	09/11/14
North Carolina ALF Portfolio	Clemmons, NC	—		596		13,237		(166)		596		13,071		13,667		(3,724)	2014	06/29/15
	Garner, NC	—		1,723		11,517		333		1,723		11,850		13,573		(2,432)	2014	03/27/19
	Huntersville, NC	—		2,033		11,494		222		2,033		11,716		13,749		(2,985)	2015	01/18/17
	Matthews, NC	—		949		12,537		220		949		12,757		13,706		(2,702)	2017	08/30/18

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
	Mooresville, NC	$—	$835	$15,894	$(189)	$835	$15,705	$16,540	$(4,433)	2012	01/28/15
	Raleigh, NC	—	1,069	21,235	(305)	1,069	20,930	21,999	(5,652)	2013	01/28/15
	Wake Forest, NC	—	772	13,596	(284)	772	13,312	14,084	(3,571)	2014	06/29/15
Mountain Crest Senior Housing Portfolio	Elkhart, IN	—	793	6,009	699	793	6,708	7,501	(2,169)	1997	05/14/15
	Elkhart, IN	—	782	6,760	946	782	7,706	8,488	(2,577)	2000	05/14/15
	Hobart, IN	—	604	11,529	(751)	—	11,382	11,382	(3,544)	2008	05/14/15
	LaPorte, IN	—	392	14,894	(5,906)	—	9,380	9,380	(4,522)	2008	05/14/15
	Mishawaka, IN	—	3,670	14,416	3,597	3,670	18,013	21,683	(4,891)	1978	07/14/15
	Niles, MI	—	404	5,050	881	404	5,931	6,335	(1,989)	2000	06/11/15 and 11/20/15
Nebraska Senior Housing Portfolio	Bennington, NE	—	981	20,427	1,985	981	22,412	23,393	(6,064)	2009	05/29/15
	Omaha, NE	—	1,274	38,619	2,450	1,274	41,069	42,343	(10,734)	2000	05/29/15
Pennsylvania Senior Housing Portfolio	Bethlehem, PA	—	1,542	22,249	1,800	1,542	24,049	25,591	(6,992)	2005	06/30/15
	Boyertown, PA	22,932	480	25,544	1,056	480	26,600	27,080	(7,255)	2000	06/30/15
	York, PA	12,432	972	29,860	1,852	972	31,712	32,684	(8,279)	1986	06/30/15
Richmond VA ALF	North Chesterfield, VA	—	2,146	56,671	1,663	2,146	58,334	60,480	(14,637)	2009	09/11/15
Pennsylvania Senior Housing Portfolio II	Palmyra, PA	19,114	835	24,424	1,303	835	25,727	26,562	(7,197)	2007	02/01/16
Lafayette Assisted Living Portfolio	Lafayette, LA	—	1,206	9,076	756	1,206	9,832	11,038	(874)	1996	10/01/21
	Lafayette, LA	—	1,039	4,684	267	1,039	4,951	5,990	(476)	2014	10/01/21
Northern California Senior Housing Portfolio	Belmont, CA	—	10,491	9,650	(5,716)	10,491	3,934	14,425	(966)	1958/2000	10/01/21
Central Wisconsin Senior Care Portfolio	Sun Prairie, WI	—	543	2,587	677	543	3,264	3,807	(365)	1960/2006	10/01/21
	Waunakee, WI	—	2,171	10,198	1,296	2,171	11,494	13,665	(1,210)	1974/2005	10/01/21
Pinnacle Beaumont ALF	Beaumont, TX	—	1,775	17,541	(13,935)	—	5,381	5,381	(1,541)	2012	10/01/21
Pinnacle Warrenton ALF	Warrenton, MO	—	514	7,059	(2,215)	—	5,358	5,358	(690)	1986	10/01/21
Michigan ALF Portfolio	Grand Rapids, MI	—	1,196	8,955	290	1,196	9,245	10,441	(898)	1953/2016	10/01/21

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
	Grand Rapids, MI	$9,398	$1,291	$11,308	$215	$1,291	$11,523	$12,814	$(1,126)	1989	10/01/21
	Holland, MI	—	716	6,534	13	716	6,547	7,263	(748)	2007/2017	10/01/21
	Howell, MI	—	836	4,202	266	836	4,468	5,304	(429)	2003	10/01/21
	Lansing, MI	—	1,300	11,629	(8,566)	1,300	3,063	4,363	(1,113)	1988/2015	10/01/21
	Wyoming, MI	—	1,343	13,347	248	1,343	13,595	14,938	(1,277)	1964/2016	10/01/21
Catalina West Haven ALF	West Haven, UT	—	1,936	10,415	390	1,936	10,805	12,741	(1,033)	2012	10/01/21
Louisiana Senior Housing Portfolio	Gonzales, LA	—	1,123	5,668	241	1,123	5,909	7,032	(599)	1996	10/01/21
	Monroe, LA	—	834	4,037	489	834	4,526	5,360	(430)	1994	10/01/21
	New Iberia, LA	—	952	5,257	100	952	5,357	6,309	(522)	1996	10/01/21
	Shreveport, LA	—	1,177	6,810	175	1,177	6,985	8,162	(642)	1996	10/01/21
	Slidell, LA	—	801	4,348	301	801	4,649	5,450	(480)	1996	10/01/21
Catalina Madera ALF	Madera, CA	—	1,312	15,299	550	1,312	15,849	17,161	(1,498)	2005	10/01/21
AHR Texas ALF Portfolio	Cedar Park, TX	—	1,347	5,250	201	1,347	5,451	6,798	(408)	1998	12/05/22
	Corpus Christi, TX	—	1,229	12,663	275	1,229	12,938	14,167	(911)	1997	12/05/22
	League City, TX	—	1,435	15,475	761	1,435	16,236	17,671	(1,011)	1999	12/05/22
	Round Rock, TX	—	2,124	14,895	153	2,124	15,048	17,172	(950)	1997	12/05/22
	Sugarland, TX	—	2,674	12,751	504	2,674	13,255	15,929	(887)	1999	12/05/22
	Temple, TX	—	1,819	11,090	350	1,819	11,440	13,259	(791)	1998	12/05/22
	Tyler, TX	—	1,131	10,510	206	1,131	10,716	11,847	(764)	1998	12/05/22
AHR Albany OR, LLC	Albany, OR	9,700	478	4,185	160	478	4,345	4,823	(118)	2002	02/01/24
AHR Baker City OR, LLC	Baker City, OR	4,381	957	3,717	689	957	4,406	5,363	(130)	1999	02/01/24
AHR Eugene OR, LLC	Eugene, OR	11,789	1,614	6,857	359	1,614	7,216	8,830	(237)	2000	02/01/24
AHR Grants Pass OR, LLC	Grants Pass, OR	7,014	888	5,319	423	888	5,742	6,630	(170)	1996	02/01/24
AHR Hood River OR, LLC	Hood River, OR	8,730	1,804	5,531	189	1,804	5,720	7,524	(190)	2001	02/01/24
AHR Junction City OR, LLC	Junction City, OR	4,226	598	2,740	468	598	3,208	3,806	(94)	1981	02/01/24
AHR La Grande OR, LLC	La Grande, OR	6,783	757	5,042	355	757	5,397	6,154	(196)	2000	02/01/24

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
AHR McMinnville (AL) OR, LLC	Mcminnville, OR	$6,785	$1,844	$6,642	$102	$1,844	$6,744	$8,588	$(222)	2001	02/01/24
AHR McMinnville (IL) OR, LLC	Mcminnville, OR	3,208	710	2,717	6	710	2,723	3,433	(86)	2001	02/01/24
AHR Rogue River OR, LLC	Rogue River, OR	4,079	709	2,650	217	709	2,867	3,576	(100)	2000	02/01/24
AHR Roseburg MC OR, LLC	Roseburg, OR	13,004	508	6,934	11	508	6,945	7,453	(205)	1999	02/01/24
AHR Roseburg SH OR, LLC	Roseburg, OR	10,446	448	6,385	51	448	6,436	6,884	(185)	1999	02/01/24
AHR Seaside OR, LLC	Seaside, OR	564	2,292	2,810	83	2,292	2,893	5,185	(122)	1990	02/01/24
AHR Woodburn OR, LLC	Woodburn, OR	3,752	603	2,820	51	603	2,871	3,474	(78)	1995	02/01/24
AHR Battle Ground WA, LLC	Battle Ground, WA	8,782	1,177	4,331	2	1,177	4,333	5,510	(50)	2002	09/03/24
AHR Port Orchard MC WA, LLC	Port Orchard, WA	6,029	732	4,729	—	732	4,729	5,461	(47)	1999	09/03/24
AHR Wenatchee AL OR, LLC	Wenatchee, WA	7,537	841	5,442	22	841	5,464	6,305	(54)	2005	09/03/24
AHR Wenatchee MC OR, LLC	Wenatchee, WA	6,846	1,137	7,442	1	1,137	7,443	8,580	(74)	2002	09/03/24
AHR College Place MC WA, LLC	College Place, WA	6,984	910	6,236	—	910	6,236	7,146	(55)	1999	09/03/24
AHR Regal Pointe of East Cobb, LLC	Marietta, GA	—	1,956	4,545	115	1,956	4,660	6,616	(37)	1997	10/01/24
SHOP Total		$194,515	$89,700	$742,284	$(8,684)	$86,415	$736,885	$823,300	$(136,148)
Outpatient Medical (OM)
Wichita KS OM	Wichita, KS	$—	$943	$6,288	$835	$943	$7,123	$8,066	$(2,575)	1980/1996	09/04/14
Lee’s Summit MO OM	Lee’s Summit, MO	—	1,045	5,068	1,683	1,045	6,751	7,796	(2,425)	2006	09/18/14
Carolina Commons OM	Indian Land, SC	—	1,028	9,430	4,899	1,028	14,329	15,357	(5,239)	2009	10/15/14
Mount Olympia OM Portfolio	Mount Dora, FL	—	393	5,633	(876)	393	4,757	5,150	(1,750)	2009	12/04/14
East Texas OM Portfolio	Longview, TX	—	—	19,942	9,673	—	29,615	29,615	(7,300)	2008	12/12/14
	Longview, TX	—	759	1,696	140	759	1,836	2,595	(982)	1998	12/12/14

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
	Longview, TX	$—	$—	$8,027	$175	$—	$8,202	$8,202	$(2,745)	2004	12/12/14
	Longview, TX	—	—	696	146	—	842	842	(369)	1956	12/12/14
	Longview, TX	—	—	27,601	5,992	—	33,593	33,593	(11,424)	1985/1993/ 2004	12/12/14
	Marshall, TX	—	368	1,711	110	368	1,821	2,189	(930)	1970	12/12/14
Premier OM	Novi, MI	—	644	10,420	1,884	644	12,304	12,948	(4,196)	2006	12/19/14
Independence OM Portfolio	Southgate, KY	—	411	11,005	2,548	411	13,553	13,964	(4,566)	1988	01/13/15
	Somerville, MA	—	1,509	46,775	6,518	1,509	53,293	54,802	(14,550)	1985	01/13/15
	Verona, NJ	—	1,683	9,405	2,450	1,683	11,855	13,538	(3,532)	1970	01/13/15
	Bronx, NY	—	—	19,593	3,611	—	23,204	23,204	(6,953)	1987/1988	01/26/15
King of Prussia PA OM	King of Prussia, PA	—	3,427	13,849	(211)	3,427	13,638	17,065	(6,875)	1946/2000	01/21/15
Orange Star Medical Portfolio	Durango, CO	—	623	14,166	483	623	14,649	15,272	(4,086)	2004	02/26/15
	Durango, CO	—	788	10,467	1,674	788	12,141	12,929	(3,531)	2004	02/26/15
	Friendswood, TX	—	500	7,664	1,285	500	8,949	9,449	(2,666)	2008	02/26/15
	Keller, TX	—	1,604	7,912	1,297	1,604	9,209	10,813	(2,763)	2011	02/26/15
	Wharton, TX	—	259	10,590	384	259	10,974	11,233	(3,482)	1987	02/26/15
Kingwood OM Portfolio	Kingwood, TX	—	820	8,589	696	820	9,285	10,105	(2,740)	2005	03/11/15
	Kingwood, TX	—	781	3,943	64	781	4,007	4,788	(1,249)	2008	03/11/15
Mt Juliet TN OM	Mount Juliet, TN	—	1,188	10,720	1,009	1,188	11,729	12,917	(3,212)	2012	03/17/15
Paoli PA Medical Plaza	Paoli, PA	—	2,313	12,447	8,998	2,313	21,445	23,758	(7,205)	1951	04/10/15
	Paoli, PA	—	1,668	7,357	3,277	1,668	10,634	12,302	(3,325)	1975	04/10/15
Glen Burnie MD OM	Glen Burnie, MD	—	2,692	14,095	6,067	2,692	20,162	22,854	(6,483)	1981	05/06/15
Marietta GA OM	Marietta, GA	—	1,347	10,947	709	1,347	11,656	13,003	(3,366)	2002	05/07/15
Southern Illinois OM Portfolio	Waterloo, IL	—	94	1,977	—	94	1,977	2,071	(666)	2015	07/01/15
	Waterloo, IL	—	738	6,332	(2,130)	738	4,202	4,940	(2,198)	1995	07/01/15, 12/19/17 and 04/17/18
	Waterloo, IL	—	200	2,648	(543)	200	2,105	2,305	(794)	2011	07/01/15
Napa Medical Center	Napa, CA	—	1,176	13,328	2,348	1,176	15,676	16,852	(5,283)	1980	07/02/15

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Chesterfield Corporate Plaza	Chesterfield, MO	$—	$8,030	$24,533	$4,414	$8,030	$28,947	$36,977	$(9,945)	1989	08/14/15
Stockbridge GA OM II	Stockbridge, GA	—	499	8,353	1,989	485	10,356	10,841	(2,793)	2006	12/03/15
Lakeview IN Medical Plaza	Indianapolis, IN	—	2,375	15,911	10,344	2,375	26,255	28,630	(8,427)	1987	01/21/16
Snellville GA OM	Snellville, GA	—	332	7,781	2,325	318	10,120	10,438	(2,930)	2005	02/05/16
Stockbridge GA OM III	Stockbridge, GA	—	606	7,924	1,984	606	9,908	10,514	(2,920)	2007	03/29/16
Joplin MO OM	Joplin, MO	—	1,245	9,860	(113)	1,245	9,747	10,992	(2,656)	2000	05/10/16
Austell GA OM	Austell, GA	—	663	10,547	224	663	10,771	11,434	(2,810)	2008	05/25/16
Voorhees NJ OM	Voorhees, NJ	—	1,727	8,451	2,795	1,727	11,246	12,973	(3,058)	2008	07/08/16
Norwich CT OM Portfolio	Norwich, CT	—	403	1,601	1,251	403	2,852	3,255	(1,263)	2014	12/16/16
	Norwich, CT	—	804	12,094	1,900	804	13,994	14,798	(3,392)	1999	12/16/16
Middletown OH OM II	Middletown, OH	—	—	3,949	(1,584)	—	2,365	2,365	(942)	2007	12/20/17
Charlottesville OM	Charlottesville, VA	—	4,902	19,741	484	4,902	20,225	25,127	(2,269)	2001	10/01/21
Rochester Hills OM	Rochester Hills, MI	1,446	2,218	8,380	1,218	2,218	9,598	11,816	(1,331)	1990	10/01/21
Cullman OM III	Cullman, AL	—	—	19,224	(618)	—	18,606	18,606	(1,571)	2010	10/01/21
Iron OM Portfolio	Cullman, AL	—	—	14,799	1,390	—	16,189	16,189	(2,311)	1994	10/01/21
	Cullman, AL	—	—	12,287	326	—	12,613	12,613	(1,574)	1998	10/01/21
	Sylacauga, AL	—	—	11,273	2,161	—	13,434	13,434	(1,409)	1997	10/01/21
Mint Hill OM	Mint Hill, NC	—	—	24,110	151	—	24,261	24,261	(2,523)	2007	10/01/21
Battle Creek OM	Battle Creek, MI	—	1,156	7,910	69	1,156	7,979	9,135	(1,241)	1996	10/01/21
Reno OM	Reno, NV	—	—	82,515	1,248	—	83,763	83,763	(8,675)	2005	10/01/21
Athens OM Portfolio	Athens, GA	—	860	7,989	1,284	860	9,273	10,133	(981)	2006	10/01/21
	Athens, GA	—	1,106	11,531	(423)	1,106	11,108	12,214	(1,046)	2006	10/01/21
Lawrenceville OM	Lawrenceville, GA	—	1,663	12,019	250	1,663	12,269	13,932	(1,355)	2005	10/01/21
Roseburg OM	Roseburg, OR	—	—	28,140	129	—	28,269	28,269	(3,141)	2003	10/01/21
Fairfield County OM	Trumbull, CT	—	2,797	10,400	667	2,797	11,067	13,864	(1,593)	1987	10/01/21
Sauk Prairie OM	Prairie du Sac, WI	—	2,044	19,669	1,843	2,044	21,512	23,556	(2,509)	2014	10/01/21
Surprise OM	Surprise, AZ	—	1,827	10,968	472	1,827	11,440	13,267	(1,284)	2012	10/01/21
Southfield OM	Southfield, MI	5,273	1,634	16,550	1,521	1,634	18,071	19,705	(2,499)	1975/2014	10/01/21
Grand Junction OM	Grand Junction, CO	—	2,460	34,188	48	2,460	34,236	36,696	(3,707)	2013	10/01/21
Edmonds OM	Edmonds, WA	—	4,523	22,414	421	4,523	22,835	27,358	(2,610)	1991/2008	10/01/21

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
Glendale OM	Glendale, WI	$—	$665	$6,782	$376	$665	$7,158	$7,823	$(945)	2004	10/01/21
Flemington OM Portfolio	Flemington, NJ	—	1,419	11,110	961	1,419	12,071	13,490	(1,457)	2002	10/01/21
	Flemington, NJ	—	578	3,340	319	578	3,659	4,237	(541)	1993	10/01/21
Lawrenceville OM II	Lawrenceville, GA	—	1,058	9,709	2,399	1,058	12,108	13,166	(1,524)	1990	10/01/21
Mill Creek OM	Mill Creek, WA	—	1,344	7,516	535	1,344	8,051	9,395	(890)	1991	10/01/21
Modesto OM	Modesto, CA	—	—	16,065	614	—	16,679	16,679	(1,893)	1991/2016	10/01/21
Lithonia OM	Lithonia, GA	—	1,676	10,871	1,221	1,676	12,092	13,768	(1,602)	2015	10/01/21
Great Nord OM Portfolio	Tinley Park, IL	—	—	15,423	1,176	—	16,599	16,599	(1,976)	2002	10/01/21
	Chesterton, IN	—	743	9,070	627	743	9,697	10,440	(1,113)	2007	10/01/21
	Crown Point, IN	—	265	5,467	—	265	5,467	5,732	(652)	2005	10/01/21
	Plymouth, MN	—	1,491	12,994	971	1,491	13,965	15,456	(1,497)	2014	10/01/21
Overland Park OM	Overland Park, KS	—	2,803	23,639	678	2,803	24,317	27,120	(2,742)	2017	10/01/21
Bloomington OM	Bloomington, IL	—	2,114	17,363	—	2,114	17,363	19,477	(1,591)	1990	10/01/21
Haverhill OM	Haverhill, MA	—	1,393	15,477	243	1,393	15,720	17,113	(2,106)	1987	10/01/21
Fresno OM	Fresno, CA	—	1,536	8,964	419	1,536	9,383	10,919	(1,245)	2007	10/01/21
Colorado Foothills OM Portfolio	Arvada, CO	—	695	6,369	286	695	6,655	7,350	(995)	1979	10/01/21
	Centennial, CO	—	873	11,233	633	873	11,866	12,739	(1,521)	1979	10/01/21
	Colorado Springs, CO	—	2,225	12,520	1,588	2,225	14,108	16,333	(1,605)	1999	10/01/21
OM Total		$6,719	$93,753	$1,029,344	$116,411	$93,725	$1,145,783	$1,239,508	$(240,120)
Triple-Net Leased Properties
Southlake TX Hospital	Southlake, TX	$88,807	$5,089	$108,517	$—	$5,089	$108,517	$113,606	$(29,335)	2013	12/04/14
Crown Senior Care Portfolio	Peel, Isle of Man	—	1,147	6,845	81	1,147	6,926	8,073	(1,918)	2015	09/15/15
	Aberdeen, UK	—	1,994	5,945	840	1,994	6,785	8,779	(1,466)	1986	11/15/16
	Felixstowe, UK	—	693	5,711	506	693	6,217	6,910	(1,506)	2010/2011	11/15/16
	Felixstowe, UK	—	523	2,503	338	523	2,841	3,364	(774)	2010/2011	11/15/16
	Salisbury, UK	—	1,229	11,802	55	1,229	11,857	13,086	(3,280)	2015	12/08/15
	St. Albans, UK	—	1,156	12,154	672	1,156	12,826	13,982	(3,582)	2015	10/08/15
Washington DC SNF	Washington, DC	—	1,194	34,200	—	1,194	34,200	35,394	(10,086)	1983	10/29/15
Fox Grape SNF Portfolio	Braintree, MA	—	1,844	10,847	31	1,844	10,878	12,722	(2,625)	2015	07/01/16

Initial Cost to Company · Gross Amount of Which Carried at Close of Period(e)
Description(a) · Encumbrances · Land and Improvements · Buildings andImprovements · Cost CapitalizedSubsequent toAcquisition(b) · Land and Improvements · Buildings andImprovements · Total(d) · AccumulatedDepreciation(f)(g) · Date ofConstruction · Date Acquired
	Brighton, MA		$—		$779		$2,661		$334		$779		$2,995		$3,774		$(792)	1982	07/01/16
	Duxbury, MA		—		2,921		11,244		1,933		2,921		13,177		16,098		(3,604)	1983	07/01/16
	Hingham, MA		—		2,316		17,390		(166)		2,316		17,224		19,540		(4,160)	1990	07/01/16
	Quincy, MA		12,886		3,537		13,697		600		3,537		14,297		17,834		(3,347)	1995	11/01/16
SW Illinois Senior Housing Portfolio	Columbia, IL		—		1,117		9,700		—		1,117		9,700		10,817		(924)	2007	10/01/21
	Columbia, IL		—		147		2,106		—		147		2,106		2,253		(194)	1999	10/01/21
	Millstadt, IL		—		259		3,980		—		259		3,980		4,239		(370)	2004	10/01/21
	Red Bud, IL		—		690		5,175		—		690		5,175		5,865		(479)	2006	10/01/21
	Waterloo, IL		—		934		8,932		—		934		8,932		9,866		(831)	2012	10/01/21
West Des Moines SNF	West Des Moines, IA		—		509		3,813		—		509		3,813		4,322		(375)	2004	10/01/21
Triple-Net Leased Properties Total		$101,693		$28,078		$277,222		$5,224		$28,078		$282,446		$310,524		$(69,648)
Summary
ISHC		$701,797		$126,173		$1,287,513		$431,347		$141,328		$1,703,705		$1,845,033		$(421,765)
SHOP		194,515		89,700		742,284		(8,684)		86,415		736,885		823,300		(136,148)
OM		6,719		93,753		1,029,344		116,411		93,725		1,145,783		1,239,508		(240,120)
Triple-Net Leased Properties		101,693		28,078		277,222		5,224		28,078		282,446		310,524		(69,648)
Construction in progress		—		3,193		2,641		11,415		3,771		12,314		16,085		(884)
Other		—		—		—		—		—		1,164		1,164		(401)
Total		$1,004,724		$340,897		$3,339,004		$555,713		$353,317		$3,882,297		$4,235,614		$(868,966)

(a)We own 100% of our properties as of December 31, 2024, with the exception of our investments in Southlake TX Hospital, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF and Louisiana Senior Housing Portfolio.

(b)The cost capitalized subsequent to acquisition is shown net of dispositions and impairments

(c)Represents furniture, fixtures, equipment, land and improvements associated with properties under operating leases.

(d) The changes in total real estate for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

	Amount
Balance — December 31, 2021	$4,038,572
Acquisitions	254,947
Additions	72,802
Dispositions and impairments	(123,841)
Foreign currency translation adjustment	(6,033)
Balance — December 31, 2022	$4,236,447
Acquisitions	$55,658
Additions	97,667
Dispositions and impairments	(214,906)
Foreign currency translation adjustment	2,729
Balance — December 31, 2023	$4,177,595
Acquisitions	$172,811
Additions	90,312
Dispositions and impairments	(204,269)
Foreign currency translation adjustment	(835)
Balance — December 31, 2024	$4,235,614

(e) As of December 31, 2024, the unaudited aggregate cost of our properties was $4,237,345 for U.S. federal income tax purposes.

(f) The changes in accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

	Amount
Balance — December 31, 2021	$523,886
Additions	141,257
Dispositions and impairments	(9,355)
Foreign currency translation adjustment	(950)
Balance — December 31, 2022	$654,838
Additions	$147,587
Dispositions and impairments	(50,790)
Foreign currency translation adjustment	522
Balance — December 31, 2023	$752,157
Additions	$151,351
Dispositions and impairments	(34,341)
Foreign currency translation adjustment	(201)
Balance — December 31, 2024	$868,966

(g) The cost of buildings and capital improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and capital improvements, up to 39 years, and the cost of tenant improvements is depreciated over the shorter of the lease term or useful life, up to 34 years. The cost of furniture, fixtures and equipment is depreciated over the estimated useful life, up to 28 years.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.